Ascend Wellness Holdings, Inc (“AWH,” “Ascend,” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator, announced that it has entered into a definitive agreement (the “Agreement”) providing AWH the option to acquire 100% of the equity of Ohio Patient Access LLC (“OPA”), which owns and will operate three provisionally licensed dispensaries that are in the process of being built in Cincinnati, Piqua, and Sandusky. Exercising this option would increase AWH’s footprint in Ohio to five, the maximum permitted in the state.
“This transaction represents an ideal opportunity to maximize our dispensary footprint in Ohio, a state that has near-term potential for adult-use cannabis sales,” said Abner Kurtin, Chief Executive Officer, Chairman, and Founder of Ascend. “Going deep in the states in which we operate and being a top provider in each state is critical to sustainable growth and margin expansion. OPA’s dispensaries will be situated in populous, limited-license markets that provide us with a contiguous footprint across the state. We look forward to closing this transaction once authorized under Ohio law and to potential adult-use legalization in the mid-term.”
AWH’s current Ohio footprint includes two dispensaries, one in each of Coshocton and Carroll, as well as a Tier 2 cultivation facility with 2,000 square feet of canopy. There are currently 58 dispensaries in Ohio, approximately one for every 4,800 registered patients.1 Ohio medical cannabis sales were $381 million in 2021, a 72 percent increase over 2020.1
The Agreement is subject to regulatory review and approval.
1. Ohio Board of Pharmacy Patient and Caregivers. Note: Ohio Pharmacy Board recently approved an additional 70 provisional dispensary licenses not included in this number.
